Artemis Capital Fund
Fund Manager's Comment
Data as at 30 December 2011
For the past six months, investors have been shifting money out of equities and into bonds and cash. Within the equity market, the winners have been stocks with low risks to their profits. There is a tendency to assume that low profit risk equates to low stockmarket risk. This is not the case. As yields on gilts and defensive shares have dropped, the risks of negative returns over the next decade have increased. Conversely, the risk on less predictable stocks has diminished because the valuations are commensurately lower.
On average the valuation on our portfolio is about 20% cheaper than the market. It has similar growth prospects and profit forecasts are being nudged up for our stocks. This has counted for little of late as investors have preferred to chase previous winners. Our suspicion is that the laws of investing have not changed; and that in sticking to companies that combine decent growth and low valuations, we will serve our investors well over time.
Fund Manager
Philip Wolstencroft
Manager of the Artemis Capital Fund Fund since 1 July 2010
Awards
Capital PDFKey Facts
| IMA Sector | UK All Companies |
|---|---|
| Sedol Number | 0679552 |
| Fund Size (offer basis) | £302.5m |
| Historic yield | 0.6% |
| Unit offer price | 764.67p |
| Unit bid price | 723.55p |
| Valuation (UK business days) | 12:00 |
| Minimum lump sum investment | £1,000 |
|---|---|
| Minimum monthly investment | £50 |
| Launch | 23 December 1986 |
| Launch price | 50p |
| Preliminary charge | 5.00% |
| Annual Management Fee | 1.50% |
| Unit type | Accumulation |
| Accumulation date | 7 June |
| Total Expense Ratio | 1.65% |
Data as at 30 December 2011.
Performance
| Since Launch* | 5 Years | 3 Years | 1 Year | 6 Months | |
|---|---|---|---|---|---|
| Capital Fund (TR)† | 1423.3 | -23.6 | 30.4 | -9.0 | -11.3 |
| FTSE All-Share (TR)† | 767.4 | 6.2 | 43.9 | -3.5 | -6.2 |
| FTSE 100 (TR)† | 761.4 | 7.9 | 40.3 | -2.2 | -4.8 |
| Sector Average | 631.5 | -2.0 | 42.1 | -7.1 | -8.4 |
| Position in Sector | 4 | 233 | 230 | 201 | 228 |
| Funds in Sector | 38 | 243 | 271 | 284 | 287 |
| Quartile | 1 | 4 | 4 | 3 | 4 |
Please remember that past performance is not a guide to the future.
* Data from 23 December 1986. Source: Lipper Limited, bid to bid in sterling with net income reinvested to 30 December 2011. All figures show total returns. †Percentage Growth. Sector is IMA UK All Companies.
Percentage Growth
Artemis Capital Fund Fund 12 Months to 31 December 2009
| 2011 | 2010 | 2009 | 2008 | 2007 |
|---|---|---|---|---|
| -9.0 | 18.5 | 20.9 | -40.2 | -2.0 |
Source: Lipper Limited, bid to bid in sterling with net income reinvested. All figures show total returns.
Value of £1,000 invested at Launch to 30 December 2011.
Data from 23 December 1986. Source Lipper Limited, bid to bid in sterling with net income reinvested to 30 December 2011.
Asset Allocation*
*Without cash. Source: Internal
Top Ten Holdings*
| Royal Dutch Shell 'A' | 9.5% |
|---|---|
| BT Group | 7.5% |
| BP | 7.1% |
| AstraZeneca | 6.7% |
| Drax Group | 4.5% |
| Gazprom | 3.9% |
| GlaxoSmithKline | 2.6% |
| GKN | 2.5% |
| ENI | 2.4% |
| RPC Group | 2.4% |
* Without cash.
Source: Internal.
Market Sector Split*
| Oil & Gas | 24.3% |
|---|---|
| Telecommunications | 12.9% |
| Healthcare | 11.2% |
| Utilities | 10.4% |
| Industrial Goods & Services | 5.9% |
| Retail | 5.3% |
| Food & Beverage | 4.9% |
| Insurance | 4.9% |
| Banks | 4.6% |
| Other | 15.6% |
* Without cash.
Sector classification: FTSE Acturaries
Source: Internal.
% Variance†*
† Positive variance between stock % held in the Fund versus FTSE All-Share. Without cash source: Internal.
Risk Warning
Issued by Artemis Fund Managers Ltd which is authorised and regulated by the Financial Services Authority (www.fsa.gov.uk), 25 The North Colonnade, Canary Wharf, London E14 5HS and is a member of the IMA. Artemis Fund Managers Ltd is a member of the Artemis Marketing Group. We only market our own unit trusts. The value of an investment, and any income from it, can fall as well as rise as result of market and currency fluctuations and you may not get back the amount originally invested.
All data is sourced internally unless otherwise stated.
The historic yield reflects distributions declared over the past twelve months as a percentage of the mid-market unit price, as at the date shown. It does not include any preliminary charge and investors may be subject to tax on their distributions.
